However, are there tax implications to this kind of arrangement? 

U NEED your W 2 to qualify for loans full stop.. as your starting out. so just be realistic time freedom can come with a switch to full time RE agent you will get more free time but RE is very very tough.. and once you go self employeed you need two solid years of tax returns to qualify for funding..

They buyer then goes to get a loan from the bank, and in the course of due diligence the bank finds out that one of the sellers has a tax lien judgement against them for $320k ( the property is selling for $130k ).

Managing our rentals is our full time job because the cash flow from our rentals more than replaces our prior combined corporate job income.  

It will be self managed, I will be near the unit (less than 5 mins away) to clean and take care of any issues.My numbers:Approx Value of Home $240-280kCurrent monthly cost / $860 mo (mortg,ins,tax)Utilities / $250. mo (elec,gas,water,trash,internet)Cost to run as AirbnbApprox monthly cost with STR insurance ($250/mo?)

He has agreed to pay off the taxes owed.I'm not what steps are required for us to move forward. 

They have tried to run that card every day for two weeks now, despite prior cancellation.

After closing on our first big apartment complex, we found out that the prior owner had not been paying any of their vendors. 

Things I've got down to minimal effort or fully automated: * Rent, security deposit, and fee collection* Basic accounting and tax packet creation* Listing vacancies* Lease signing* Applications, credit, and background checksThings I'm still dealing with directly ad-hoc or don't have a well defined process or solution in place for:* Requests and communication with tenants* Finding and coordinating service providers for maintenance and repair work* Scheduling showings and getting prospective tenants to make their appointments* Tenant turnover for move in and out* Keeping up with legal changes and lease template updates* Setting rent amounts* Lease enforcement - tenants are responsible for things like yardwork, routinely get letters from the city about weeds / tall grass, etc.Questions for the group:* What am I missing if I were to make out a checklist of an "automated property"?

I was just under contract for a duplex that needed 2 repairs prior to closing that would have cost in the $7500-10,000 range.